Wednesday, 16 October, 2019

Penske Media Corp. acquires majority stake in the owner of Rolling Stone

Rolling Stone gets new majority stake holder Penske Media Corp. acquires majority stake in the owner of Rolling Stone
Patty Aguilar | 23 December, 2017, 01:09

Penske Media, whose portfolio includes Deadline, Variety and Women's Wear Daily, said on Wednesday (20 December) that it had reached an agreement with the New York-based publisher to acquire a 51% stake in the magazine. "The publication", according to the statement, "will remain an independent authority on U.S. pop culture and impactful political coverage".

Terms of the deal weren't disclosed, but the New York Times reports that the investment values Wenner Media at roughly $100 million.

Penske Media stated that the company's interest in Rolling Stone was "driven by its people, its cultural significance and the globally recognized brand that has no peer in its areas of influence".

Jann Wenner called the partnership "an ideal match", while Gus Wenner said, "We are thrilled for this opportunity to grow our business together".

Penske Media Corporation has acquired a majority interest in Wenner Media.

Media investor Jay Penske said his firm Penske Media was buying a 51-per cent stake in Wenner Media, whose main asset is the iconic Rolling Stone magazine.

Jose Mourinho escapes FA sanctions for pre-Manchester derby comments
However, the Red Devils managed to secure a return to the Champions League following a 2-0 victory over Dutch giants Ajax in the Europa League final.

California State Teachers Retirement System Reduces Position in Targa Resources Corp (TRGP)
TheStreet downgraded shares of Targa Resources from a "c-" rating to a "d+" rating in a research report on Monday, November 13th. According to the most recent data, Targa Resources Corp. has a 52-week high of $61.83 and a 52-week low of $39.59. (NYSE:TRGP).

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The company reported the earnings of $4.59/Share in the last quarter where the estimated EPS by analysts was $4.52/share. The firm had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.84 billion.

Mr Penske stated that he is hoping under his ownership the magazine witnesses an ascending growth on multiple media platforms for years to come.

Now celebrating its 50 anniversary, Rolling Stone will benefit from Penske Media's industry-leading expertise in digital media, live events, and leveraging a best-in-class infrastructure for growth and continued journalistic excellence, as has been accomplished with Penske Media-owned Variety Media and Fairchild Media, which include Variety, WWD, FN and Beauty Inc.

Rolling Stone, which was founded in 1967, has always been a leader in music and pop culture journalism. PMC has indicated that Jann Wenner, the founder and majority shareholder up to now, remain at the controls of Rolling Stone, and his son Gus.

Many outsiders wonder what the magazine will do to help attract more of an audience with the under 30 group or today's digital groupies. It plans to "invest heavily to exploit the iconic brand name".

However, Penske Media's Jay Penske indicated he would partner with the Wenner Media to maintain Rolling Stone as a thriving enterprise across several media platforms.

Rolling Stone is best known for informationand updates on music and popular culture; but is also considered for its political journalism. Singapore-based BandLab Technologies also owns a 49-per cent stake in the publication.

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